Saw Paul Ryan today, talked about tax withholding reduction in February, he said hopefully.
Was curious, do most folks here just select the number of dependents and let it ride, or do you take the previous year actual tax liability,subtract $500 or whatever for yourself, then divide the balance by the number of pay periods, and give your payroll dept a flat dollar amount to withhold?
Or do most enjoy using the government as a no interest forced savings program?
with variable income from sales and such it's more difficult, but people can use the quarterly tax payments to make up for windfalls, as they occur. Send only what you need, there's always unexpected stuff, but
generally we got $1k payment with return with no penalty, unless your quarterlies were way below income at the time.
If you use previous year as a baseline, then you have an idea what your liability will likely be and can plan accordingly. I prefer not to have money sitting somewhere with no benefit if I can account for it.
> I have them withhold as much as I can. Then when I have to pay in at the end of the
> year, it's not as much as it could be. My wife is a real estate agent, so we have
> to be careful.
Hm... your wife is a real estate agent and my home financing team is licensed in PA...
> with variable income from sales and such it's more difficult, but people can use
> the quarterly tax payments to make up for windfalls, as they occur. Send only what
> you need, there's always unexpected stuff, but
> generally we got $1k payment with return with no penalty, unless your quarterlies
> were way below income at the time.
> If you use previous year as a baseline, then you have an idea what your liability
> will likely be and can plan accordingly. I prefer not to have money sitting somewhere
> with no benefit if I can account for it.
We are definitely going to use the quarterlies next year. This is only her second full year doing it, so it's been a bit unpredictable so far.
its all about the local RE market, good education and services can be big, nice to have coastline, industry and good highways
> Or do most enjoy using the government as a no interest forced savings program?
Bingo! I don't claim any
dependants, including myself. Then, come tax time, I don't have to worry about payin' back Uncle Sam. I know it's an interest-free loan to the government and my father never misses a good opportunity to remind me how idiotic that is. Maybe one day I'll change...
if you do basic calc and planning, worrying about Sam is the least of problems, how can you make hard earned dough work for you?
i try to avoid financial surprises, theres more than enough unexpected chit in life
> Only half of the 6% goes to each side, so the only way you'd get that much is if
> you represented the buyer and seller, so it's usually only 3%. Then part of that
> goes to the agency, so it's not as much as it seems. It's still good money though,
> and provides a ton of flexibility for her as well.
Ah. I respect good realtors. That's a job that you definitely get rewarded for how hard and long you work. Amazing potential. I've worked with some I just could not believe how accommodating they were and others who could give two craps.
Any RE firms that offer draw against commission for standard agents, would help cash flow and planning
Jeezus Feeb, cheap azz donations! I like clothes as a donation, not worth much but i hope folks find them useful, or can sell to fund causes
the funny thing is, people with refunds hustle like mad to get their returns done just after the holidays, those who owe a bit hold hands on fannies till Spring! Funner
> Last time I got a big return I subscribed to GTZ. Best decision I ever made.
I just got gifted a subscription here. What's the real benefit of it? Not like you get discounts on games or anything. Care to shed some light on that for me?
> Porksta wrote:
>> Last time I got a big return I subscribed to GTZ. Best decision I ever made.
> I just got gifted a subscription here. What's the real benefit of it? Not like you
> get discounts on games or anything. Care to shed some light on that for me?
Unlimited offers, custom layout, no swear filter, no ads, support the site...
I wonder if my business taxes are going down? (passthru LLC)
I've heard so many people crying about the bill dumping all tax writeoffs. I can't see that happening, unless they mean you need to be incorporated or have an LLC to do writeoffs. Maybe there's some baby mommas out there taking care of their friends babies and then trying to write off their mortgage, rent, food, heat, whatever acting like it's a legitimate business.
Passthru LLC should benefit, do you take salary now or just the business profit?
Not sure if the 21% bidness rate will be less than individual rates for personal income for folks, probably need to run both ways to see.
But if one was in a high personal bracket, they will make out like bandits using the flat bidness rate I think?
Interesting thought, will state and local taxes be fully deductible as a bidness expense while capped at a $10K max for individual returns?
Not sure what will finally be in the tax bill, but in checking education credit info today, saw than exemptions would be deleted, and the standard deduction would take the place of exemptions.
So unsure if you have to be over 24400 in usual deductions to itemize. I think anyone who itemizes might be effed over with no exemptions, stay tuned!
Ranchan, where you AT? Need you!
> Passthru LLC should benefit, do you take salary now or just the business profit?
Just profit. Makes taxes much simpler.